Survey Results -- what do you think?

That boat will still be for sale next spring... Nobody is going to overpay for it at the end of the season.
We'll see what happens. Every time the broker opened his mouth he was telling me how many people he had calling on the boat. It was like he should be selling used cars. Part of me thinks he had another guy lined up and was trying to get rid of me. Or maybe they are all tire kickers. Problem with his theory is as soon as they survey the boat they'll get the same list of deficiencies as I got -- it's like death by 1000 paper cuts. I called his bluff.
 
AS a broker, let me chime in. You have invested $2-3K in this boat. If you walk, you are out that money and have to start again. Add a couple of trips to look at other boats, gas hotels just plain time. You find another boat you like, start the negotiations again, get to survey and find a few thousand $s, the new seller wont negotiate. you are back where you started., but out more money. This is a 20 year old boat, it will have issues, they all do. Dinged props are normal, don't care what anyone says. Is the platform dangerous, I doubt it, most have some moisture in them. If you like the boat, buy it.
 
AS a broker, let me chime in. You have invested $2-3K in this boat. If you walk, you are out that money and have to start again. Add a couple of trips to look at other boats, gas hotels just plain time. You find another boat you like, start the negotiations again, get to survey and find a few thousand $s, the new seller wont negotiate. you are back where you started., but out more money. This is a 20 year old boat, it will have issues, they all do. Dinged props are normal, don't care what anyone says. Is the platform dangerous, I doubt it, most have some moisture in them. If you like the boat, buy it.

All valid points. I have a 40 year old boat, so I get it that things always need repair. I am willing to absorb some minor stuff. But after a while, things start to add up. Here's the list: New canvas, stained cabin carpet, mold in hanging locker (probably from window leak), shower sump not working, bilge pump not working, port window leak (bad window seal), head vent not working, expired CO detector, bad fire extinguishers/halon, nav. light not working, vhf radio mic missing, pulley going bad on one engine, one engine using oil, battery cable issue, both props, and the swim platform. As for the swim platform, I agree you'll see some moisture, but this one was almost toast. Half the structural support was already rotted out. Add it up -- canvas and a swim platform get you to $7000. Probably looking at $10,000 (depending on what you farm out vs doing yourself) to tackle everything. I asked for $1500 to do props based on conversations with the local prop shop ($600-700 ea. plus delivery, labor to remove/install).

While I am out my survey money and time, the seller has to start over as well. With winter fast approaching. I assume they'll disclose what I found regarding the swim platform and props at least. I put my pair of 2s down and called the bluff. We'll see if the boat sells this year. While frustrated and disappointed, I'm good with it.
 
All valid points. I have a 40 year old boat, so I get it that things always need repair. I am willing to absorb some minor stuff. But after a while, things start to add up. Here's the list: New canvas, stained cabin carpet, mold in hanging locker (probably from window leak), shower sump not working, bilge pump not working, port window leak (bad window seal), head vent not working, expired CO detector, bad fire extinguishers/halon, nav. light not working, vhf radio mic missing, pulley going bad on one engine, one engine using oil, battery cable issue, both props, and the swim platform. As for the swim platform, I agree you'll see some moisture, but this one was almost toast. Half the structural support was already rotted out. Add it up -- canvas and a swim platform get you to $7000. Probably looking at $10,000 (depending on what you farm out vs doing yourself) to tackle everything. I asked for $1500 to do props based on conversations with the local prop shop ($600-700 ea. plus delivery, labor to remove/install).

While I am out my survey money and time, the seller has to start over as well. With winter fast approaching. I assume they'll disclose what I found regarding the swim platform and props at least. I put my pair of 2s down and called the bluff. We'll see if the boat sells this year. While frustrated and disappointed, I'm good with it.
A

And these are just the known issues... Imagine with this type of lack of care & maintenance what you'll discover down the road. Keep looking find a type "A" boat owner and get a GEM, not something that has been neglected, Rode Hard and Put Away Wet !!!
 
A

And these are just the known issues... Imagine with this type of lack of care & maintenance what you'll discover down the road. Keep looking find a type "A" boat owner and get a GEM, not something that has been neglected, Rode Hard and Put Away Wet !!!
True. We had a pretty thorough survey done on ours and there were still a few issues that came up afterwards. Minor but still there. The AC pump was one. It worked fine but I found the molded elbow for the inlet had been snapped off and glued back on with 5200 or something. Couldn't see that unless you put a mirror under the fitting. $300 fix for a new pump. Shower sump wasn't working and surveyor said it was likely a simple fix. Well had planned to install a new pump but did that and it still isn't working. Still haven't figured that one out.

That was about it for mine but point being there are probably a few other things that weren't found.
 
Guys, I think you are missing the point, If you are out shopping for a used car, a used house that is 20 years old, do you expect in to be perfect. I don't think so. Why do boat buyers expect something perfect. If you want perfect, and most of us cant afford perfect $600-700 thousand for a 34 foot boat. So we do the best we can with used. In my opinion, if the hull is good and the drive train is solid, the little stuff is part of owning a boat. That shower sump might work great today, but not tomorrow, does that devalue the boat ???.
 
Guys, I think you are missing the point, If you are out shopping for a used car, a used house that is 20 years old, do you expect in to be perfect. I don't think so. Why do boat buyers expect something perfect. If you want perfect, and most of us cant afford perfect $600-700 thousand for a 34 foot boat. So we do the best we can with used. In my opinion, if the hull is good and the drive train is solid, the little stuff is part of owning a boat. That shower sump might work great today, but not tomorrow, does that devalue the boat ???.
It has nothing to do with perfect. It has to do with known vs unknown. I can look at canvas and know it needs replacing and I can factor that cost into the offer. I can also assume a few small things might need fixed. No big deal. But, in my case, a swim platform that's 50% rotted, or props that have chunks missing, are expenses that should be adjusted for after it's found. I was willing to pick up several thousands in extra costs. The seller was unwilling to give anything but a nominal amount for the props. Thus, no deal.
 
Just like women, there are more fish in the sea... And not to sound sexist, it goes both ways (for men and women).
 
It has nothing to do with perfect. It has to do with known vs unknown. I can look at canvas and know it needs replacing and I can factor that cost into the offer. I can also assume a few small things might need fixed. No big deal. But, in my case, a swim platform that's 50% rotted, or props that have chunks missing, are expenses that should be adjusted for after it's found. I was willing to pick up several thousands in extra costs. The seller was unwilling to give anything but a nominal amount for the props. Thus, no deal.

You were giving to much for the deal, if all he needed to do was account for the props. I had my search down to two boats and saw both before making an offer. I had a costs list for each boat going, which would have reduced my initial offer. Anything found on the survey would have to be addressed as well, unless it was minor. Biggest issue I had on the survey, was the stereo amp not working properly. For $150 I installed a new amp (12 year old boat), wasn't worth it to even discuss it. With brand new canvas, new HD radar and props, I was getting a darn good deal.

And as with any boat, you'll always find things after the fact. Galley fridge didn't work on 120v ($250 for a new power module), shower sump acting up, etc. If I were in your shoes, I'd walk as well.
 
It has nothing to do with perfect. It has to do with known vs unknown. I can look at canvas and know it needs replacing and I can factor that cost into the offer. I can also assume a few small things might need fixed. No big deal. But, in my case, a swim platform that's 50% rotted, or props that have chunks missing, are expenses that should be adjusted for after it's found. I was willing to pick up several thousands in extra costs. The seller was unwilling to give anything but a nominal amount for the props. Thus, no deal.
I think a lot has to do with what your final negotiated price was. If you are towards the bottom of the range, then you should accept these issues, if not, then by all means run. As I said earlier, I am a broker, if you would like to PM me, I can get you some real numbers for what these boats are selling for. Obviously I have no dog in this hunt. I am only trying to be helpful.
 
FYI, 3 2000 340s are showing sold since June. High was $57K to low of $50K. High was in Ontario and low was east coast salt water boats.
 
Only you know that answer. The things you listed as issues were as significant as a car with bugs on the windshield. The bones of the boat, hull and drive train, were ok for such an old boat, little piddly things will always be there.
 
Guys, I think you are missing the point, If you are out shopping for a used car, a used house that is 20 years old, do you expect in to be perfect. I don't think so. Why do boat buyers expect something perfect. If you want perfect, and most of us cant afford perfect $600-700 thousand for a 34 foot boat. So we do the best we can with used. In my opinion, if the hull is good and the drive train is solid, the little stuff is part of owning a boat. That shower sump might work great today, but not tomorrow, does that devalue the boat ???.

Don’t expect anything to be perfect but I would take all that in to account before making my offer and ultimately agreeing on the price of a boat or a house contingent on satisfactory inspection by a professional.

But if the survey and sea trial of the boat with a surveyor, or a home inspection done by a licensed home inspector, uncovered defects that I wasn’t aware of when I made that offer or agreed to that price with contingencies, I would be faced with a decision.

1. Do I take my deposit back and walk away from the deal as I’m entitled to do according to the contract?

2. Do I give the seller the opportunity to address the things that came up when the professional did his thing?

If the issues discovered were significant, structural or the seller was not willing to work with me then I would choose number 1. Much easier to buy a boat or house than to sell one and no need to make someone else’s problem mine.

If the issues were fairly minor, easily repairable and the seller was willing to address them in some way to my satisfaction then I would choose number 2. That’s being fair and reasonable with a seller who is doing the same.
 
So should I have absorbed the issues or negotiated an adjustment?

No. You were smart to walk away from a below average boat at that price.
When a surveyor indicates that a boat is below average for it’s year and puts the value at less than what the seller is willing to take you should pay attention to it.
Lots of 340’s of that era running around out there. Keep looking until you find a better one for 55k.
If waiting a while means you might be able to go a little higher then you may even want to start looking for a clean 380 of that vintage so you get that nice big shower stall.
If it takes until next season you will have saved the winterization, storage, wrapping, etc. money you would have spent on this 340 along with what it would have cost you for a new set of props, repair of the platform and whatever else it would have taken to get that 340 up to at least average condition.
That all adds up pretty quickly.
 
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Only you know that answer. The things you listed as issues were as significant as a car with bugs on the windshield. The bones of the boat, hull and drive train, were ok for such an old boat, little piddly things will always be there.
So $10,000 worth of little things is insignificant?
 

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